This is a little old, but it is still as inspiring. My ex-boyfriend is a Mormon Christian, and also gay, so while it is a challenge, I firmly believe that Christ loveth all his children, gay and straight alike. He finds that his sexual orientation and his faith in Christ and Latter Day Saint culture to be complementary.
There is absolutely no mention of homosexuality or whatever in the Book of Mormon, and if they claim it to be the 'most correct book on earth,' then homosexuality shouldn't be polarised and polemicised at the pulpits!
Being a transsexual would be difficult in the Church though. If you were a member of the Church and you transition, you could be ostracised from your community.
If you happen to have completely transitioned and are living stealth, you may become a member in your current gender identity, but if your stake bishop finds out about your medical history, then depending on how liberal or conservative he may be, you may not be able to receive temple ordinances.
I pray that the Mormon Church and all other large Christian bodies will realise that discriminating against God's children, especially His transsexual ones, is against gospel principles.